Our DailyMarket Reports

Morning Gold & Silver Market Report – 6/27/2013

6/27/2013 8:20:54 AM By: Geoffrey Varner

STOCKS GAINING AS GOLD STRUGGLES

U.S. stocks are gaining ground in pre-open trading, picking up where they left off yesterday. Where the markets go from here is dependent on key data indicators such as today’s positive weekly jobless claims and what a trio of Federal Reserve speakers has to say. Wouter Sturkenboom, investment strategist at Russell Investment, said, “I think people are starting to realize taper talk is not as significant as at first financial markets indicated it was, and China is not approaching a financial Armageddon as some of the interbank rates showed us.”

India, the world’s largest consumer of Gold, made another move to discourage Gold buying on Tuesday. India’s central bank informed rural regional banks they could no longer provide loans to consumers for purchases of Gold jewelry and coins weighing more than 50 grams. Domestically, the Gold price is set to open trading on Thursday mostly flat after paring gains made in Asian trading. On a larger scale, Gold futures are on track to post the largest quarterly loss since 1974. The Silver price is in a similar situation having fallen 34 percent in the past three months.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

Gold, $1232.60, Up $0.80.

Silver, $18.82, Up $0.12.

Platinum, $1320.00, Up $14.30.

Palladium, $645.00, Up $11.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.

Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.